Systems and methods for performing two-way one-to-many and many-to-many auctions for financial instruments

a technology of financial instruments and auctions, applied in the field of brokerage systems and methods, can solve the problems of trading robots, trading robots, and trading robots, and clients may not have access to credit limits set by their possible counterparties, and traders may not know whether they are trading
US20060095363A1Inactive Publication Date: 2006-05-04GFINET INC
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Patent Information

Authority / Receiving Office
US · United States
Current Assignee / Owner
GFINET INC
Publication Date
2006-05-04
Estimated Expiration
Not applicable · inactive patent

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Abstract

A switch engine module receive interest rate risk portfolios from a plurality of traders, and for each prospective trader, provides available switches based on positions in other counterparty portfolios that offset the viewing traders' positions. The offsetting positions are encoded with credit preference information in order to identify eligible trades based on both counterparties credit preferences. In particular, an embodiment provides for a switch auction whereby users can use an auction process to trade for forward rate agreement switches with other counterparties, for example, in a two-way or many-to-many auction. In the switch auction, the price is predetermined by the system prior to the auction so that parties can opt out of the transaction if desired. The credit preferences of the participating traders are taken in consideration in making matches.
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Description

CROSS-REFERENCE TO RELATED APPLICATIONS

[0001] This application is a continuation of U.S. patent application Ser. No. 09 / 679,848, entitled “Systems and Methods for Performing Two-Way and Many-to-Many Auctions for Financial Instruments,” filed Oct. 5, 2000 which claims benefit to U.S. patent application Ser. No. 09 / 169,879, entitled “Switch Engine for Risk Position Discovery in an Electronic Trading System,” filed Oct. 12, 1998, which claims benefit of U.S. Provisional Application No. 60 / 062,410 entitled “Systems and Methods for Electronic Trading of Financial Contracts,” filed Oct. 4, 1997, all of which are hereby incorporated herein in their entirety by reference.FIELD OF THE INVENTION

[0002] The present invention generally relates to brokerage systems and methods, and more particularly, to risk position assessment in an electronic trading system. BACKGROUND OF THE INVENTION

[0003] In recent years, commodity exchanges have become more and more dependent upon electronic trading syst...

Claims

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